DSIJ Mindshare

Market is likely to open in negative

Indian shares rose on Friday (the first day of September series), on the back of upbeat US economic data, but posted their biggest weekly decline in nearly three months as worries over China’s economy spread panic across global financial markets. On Friday, the Sensex rose 161.19 points or 0.61% to 26392.38 and the Nifty climbed 53 points or 0.67% to 8001.95. However, the broader markets underperformed benchmarks, closing flat. For the week, the Sensex and Nifty lost 3.6% each. The broader markets underperformed the benchmark indices last week, with the BSE small-cap and mid-cap indices down nearly 5% each.

U.S. stocks market had a wild ride last week with major indexes notching gains for the week after closing little changed on Friday. The Dow Jones Industrial Average closed down 11.76 points, or less than 0.1% at 16,643.01 on Friday and weekly finished up about 700 points, or 0.9%. The S&P 500 closed about a point higher at 1,988.87 and recorded a 0.9% weekly gain. The Nasdaq Composite ended the day up 15.62 points, or 0.3% at 4,828.32 and rose 2.6% over the week.

European markets closed mixed on Friday, paring earlier losses, while booked a weekly gain. The Stoxx Europe 600 closed slightly higher by around 0.1% to 360.30 and gain 0.3% for the week. In Frankfurt, the DAX 30 fell 0.7% to 10,244.33 and 1.2% gain for the week. In Paris, the CAC 40 fell 0.3% to 4,644.16 and 0.3% gain for the week.

Crude oil futures surged for the second consecutive session on Friday, gained around 11% which is biggest weekly Gain in 4 1/2 Years, a move known as short-covering. WTI U.S. crude's was up USD 2.25, or 5.3%, at USD 44.81 and for the week, it was up about 11%. Brent rose USD 2.49, or 5.24%, to USD 50.05 a barrel, after hitting a session peak at USD 50.98. It gained about 10% on the week.

Asian stocks sagged on Monday after Federal Reserve officials signaled they’re prepared to raise interest rates even amid turmoil in Chinese markets. Japan's Nikkei was down 1.05% and South Korea's Kospi shed 0.49%. Australian shares lost 1.3%. China's benchmark Shanghai Composite lost 3%.

A SGX CNX Nifty Index future for September delivery was down 51.5 points at 7,968. Indian market is likely to open in negative on weak Chinese market.

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